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Suitability of Family Health Insurance of Rs. 1 Crore

Published On May 08, 2020 5:30 AM By Yamini Sharma

Have you come across a health insurance option that covers your family for Rs. 1 Crore?

Are you ready for this massive health insurance investment?

Are you willing to opt this cover to ensure that your family of 4 is 100% financially secure, in case a medical emergency situation occurs in the future?


Before you give a green signal to this Rs. 1 Crore family health insurance policy, evaluate whether or not it is really an ideal option for you and worth all the efforts?

1 Crore Family Health Insurance – When to Avoid It?

While family health insurance of Rs. 1 Crore may be an ideal solution for high net worth individuals, the fact is that it may not be the perfect health cover for you, especially if you are an individual with middle income. 

Family health insurance of Rs. 1 Crore may seem the best cover for your loved ones at present, however, after a certain amount of time it may become a financial burden for you. 

There’s nothing wrong if you choose a high health insurance cover for your family so that finance is never an issue in an unfortunate situation. But give it a thought while keeping the premium amount in mind. 

Do you think you will be able to pay approximately Rs. 50,000 or more premium on a yearly basis, without compromising on your basic requirements as well as the quality of life?

If still in the thought that you will be able to handle the premium cost with your income that increases with age, think again! Don’t forget that your health insurance policy premium too will increase with your age.

It is advisable that if you consider yourself as a common man, be realistic about the health insurance cover you actually need and the amount of policy premium you will be able to afford. 

Moreover, invest in a health insurance policy that covers you for most of the risks without demanding too much premium in return. 

Remember, being practical and aware of all your medical and financial needs is the key to making an ideal health insurance investment for your family. 

1 Crore Family Health Insurance – When to Go for It?

In case, you are an individual who has been aiming for a Rs. 50 Lakh cover until now, you can give Rs. 1 Crore family health insurance a consideration. 

Your high cover policy of Rs. 1 Crore will cost around 25% more when compared to a Rs. 50 Lakh health insurance Plan.

What’s best is that it will not give you sleepless nights worrying, “What if my coverage falls short at the time of an unfortunate medical situation? “

In addition, if you lack an adequate health insurance cover and think it would be a massive trouble for you to arrange a significant amount of money in case of diseases that require advanced treatment, go for a higher cover without any doubt, especially when you are able to afford it. 

Let’s not forget that a superior aspect of this Rs. 1 Crore family health insurance is that all in your family will be able to avail the benefits and make multiple claims, without falling short of cover. 

What to Do Next?

  • Scenario 1 - If your pocket does not allow investing in a cover with high sum insured, choose a regular health insurance cover instead. Doing this will save you and your family from financial concerns in the future. If at some point you think you need to extend your cover, choosing a top-up plan or a super top-up plan would be a wise decision to make. 

  • Scenario 2 - If you don’t find any issue in paying a high premium amount, go ahead and start looking for plans offering Rs. 1 Crore family health insurance right away! Plans offering an in-built option of Rs. 1 Crore, will have it in a combination of a base health plan and top-up/super top-up plan to provide a total sum insured of Rs. 1 Crore. Here, you won’t have to buy an additional top-up or super top-up plan to extend your cover as it will already come with a feature of a super top-up plan along with a base health plan. 

In case, you don’t find worthy policies offering Rs. 1 Crore cover, you can choose a combination of a base plan and super top-up plan. For this, you will have to buy a basic cover of Rs. 10 Lakh and choose a top-up/super top-up plan with a cover of Rs. 90 Lakh and Rs. 10 Lakh as deductible. 

Bottom Line

Buying a family floater health insurance may be your ultimate medical requirement today. 

However, make it a point to be practical in making your final decision and not coming to a conclusion in haste. 

If you need any assistance with making your family floater health insurance choice, feel free to contact our InsuranceDekho experts at 7551-196-989 today itself.

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